Identity Theft Protection Services Market Report 2024, Industry Trends, Segmentation and Forecast Analysis Till 2032

 The latest report by IMARC Group, titled “Identity Theft Protection Services Market Report by Type (Credit Card Fraud, Bank Fraud, Phone or Utility Fraud, Employment or Tax-Related Fraud), Application (Consumer, Enterprise), and Region 2024-2032“, The global identity theft protection services market size reached US$ 10.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 23.8 Billion by 2032, exhibiting a growth rate (CAGR) of 9.83% during 2024-2032.

Factors Affecting the Growth of the Identity Theft Protection Services Industry:

• Stringent Regulatory Compliance:

Governments worldwide are implementing stringent data protection regulations to combat the rising threat of identity theft. Laws such as the General Data Protection Regulation (GDPR) in Europe, the California Consumer Privacy Act (CCPA), and various other regulatory frameworks mandate businesses to protect the personal information of their customers. These regulations also impose significant penalties for non-compliance or breaches, driving organizations to adopt identity theft protection services as a compliance strategy. Such services help in adhering to these legal requirements and also build trust with customers by demonstrating a commitment to safeguarding their personal information.

• Rising Incidence of Cyber Crimes:

The increasing prevalence of cyber crimes, especially identity theft, is a primary driver for the growth of identity theft protection services. As digital platforms become more ingrained in daily activities, from banking to social networking, individuals' personal information is increasingly at risk of being compromised. Hackers and cybercriminals are employing more sophisticated methods to access and exploit personal data, leading to financial loss, reputational damage, and emotional distress for the victims. This heightened risk has elevated public awareness and concern regarding personal data security, prompting consumers and businesses to invest in services that monitor, alert, and assist in the resolution of identity theft incidents.

• Technological Advancements:

The rapid pace of technological advancements and the increasing digitalization of services are significant factors propelling the identity theft protection services market. With more people using online services for shopping, banking, and socializing, the amount of personal data stored online is vast and continuously growing. This shift has led to the development of advanced identity theft protection solutions that utilize technologies like artificial intelligence, machine learning, and blockchain to detect threats and prevent data breaches. These technologies enhance the capability of protection services to monitor a wide range of data sources in real-time, identify suspicious activities, and alert users to potential threats.

Competitive Landscape with Key Player:

• AllClear ID.
• Equifax Inc.
• Experian Information Solutions Inc (Experian PLC)
• FICO
• Gen Digital Inc
• Kroll LLC
• LexisNexis Risk Solutions (Relx Group)
• Malwarebytes
• McAfee LLC
• TransUnion LLC (Union Tank Car Company)

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/identity-theft-protection-services-market/requestsample 

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Type:

• Credit Card Fraud
• Bank Fraud
• Phone or Utility Fraud
• Employment or Tax-Related Fraud

Credit card fraud represents the largest market segment as these services provide proactive fraud alerts and notifications to cardholders when suspicious activities are detected.

Breakup by Application:

• Consumer
• Enterprise

Consumer dominates the market due to the increasing incidences of identity theft incidents.

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America’s dominance in the identity theft protection services market is attributed to the increasing identity theft incidents, advanced technological infrastructure and widespread utilization of online services.

Global Identity Theft Protection Services Market Trends:

Presently, with the increasing prevalence of cybercrime, including data breaches, phishing attacks, and identity theft incidents, there is a growing awareness of the need for identity theft protection services. High-profile data breaches affecting millions of individuals have underscored the importance of safeguarding personal and financial information, driving demand for identity theft protection solutions. Besides, governments and regulatory bodies worldwide are enacting stricter data protection and privacy regulations to address growing concerns about identity theft and data breaches.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Contact US

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163